Question

Finding the time to reach a limit im a word problem

Answer 1

Explanation:

The initial value of the car is $24,000

The value keeps decreasing every year by 30%

Let the number of years be x

To find the number of years, we need to apply the depreciation formula

`P(1-r)^t\text{ }\leq\text{ 5900}`

Where

P = $24000

r = 0.3

The next thing is to substitute the values into the above expression